South Africa’s Largest Bank Backs Invoice Scanning Startup

Tel Aviv-based WAY2VAT, a startup offering automated online management of VAT reclaims, raised $5 million, according to two persons familiar with the matter who spoke on conditions of anonymity.

The company lists as investors the Standard Bank of South Africa Ltd., and Poalim Ventures Ltd., the investment arm of Israel's largest bank, Bank Hapoalim. Moneta Seeds, the early stage investment arm of venture capital firm Moneta Venture Capital, is also listed as an investor.

Established in 2015 by CEO Amos Simantov, WAY2VAT offers organizational customers the option to scan invoices and report them in real time while traveling. The company employs dozens of people and plans to double its employee number soon, focusing on research and development in Israel and marketing and sales in London and New-York.

"Our vision is to be the leading VAT reclaims service not just for big organizations but medium-sized and small companies," Mr. Simantov said in an interview with Calcalist.